Settlement could save millions in funeral costs after bad investment

EAU CLAIRE, Wisc. (WEAU) - A new settlement could save people millions in funeral costs that were lost through bad investments.

The Wisconsin Funeral Trust lost $22 million in high risk investments, but the new settlement could cover families, and soften losses for funeral homes.

Smith Funeral Chapel Director Laura Sandberg said the trust was first seen as a great opportunity for families to save for their final expenses.

The Wisconsin Funeral Trust offered more than three percent interest on its accounts, in what was considered a safe investment for those looking ahead, she said.

After early success, the trust soon took a major hit.

"There's investments being made, by a certain company, and they were not being made correctly. And if everyone who had a trust today was to die, there wouldn't be enough money to pay for all those funerals," Sandberg said.

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